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Highlights
- The Shiba crypto community unleashes the latest version of its magazine 'The Shib'.
- Shiba Inu raises $12 million funding for its cryptographic ventures.
- A Layer 3 blockchain for the meme coin is in the pipeline.
- Shiba Inu's price contrastingly slips.
Shiba Inu, one of the most popular dog-based meme cryptocurrencies, recently unveiled the latest version of its magazine, ‘The Shib,’ spotlighting a plethora of cryptographic developments. The magazine, released today, April 24, draws vital attention to the ecosystem’s WOOF, TREAT, and Layer 3 developmental endeavors.
This promptly added a tint of market optimism to Shiba Inu, with investors expecting a bolstered price action for the SHIB token ahead. However, coming in tandem with the broader market’s dip, Shiba Inu traded in the red today, contradicting optimistic sentiments birthed with the launch of ‘The Shib.’
Here’s a closer look at The Shib Magazine’s latest edition & why it ignited investor optimism across the globe despite SHIB’s movement in the red.
The Shib’s Newest Edition: A Closer Look
According to the insights offered by The Shiba magazine’s latest edition, Shiba Inu has marked significant strides over the past few days, primarily aiming to revolutionize the meme coin’s ecosystem.
Notably, the dog-based meme token secured a whopping $12 million funding from investment giants as an effort to bolster its developments. Concerning this, Mechanism Capital, Big Brain Holdings, Cypher Capital, Shima Capital, DWF Ventures, Morningstar Ventures, Hercules Ventures, and Animoca Brands are among many others who weighed in on this funding, underscoring the investors’ confidence in SHIB’s future endeavors.
Simultaneously, hints towards a looming Layer 3 blockchain in the magazine garnered additional keen interest among crypto market participants. Coming as a result of Shiba Inu’s collaboration with Zama, an FHE (Fully Homomorphic Encryption) based layer 3 blockchain appears to be in the pipeline. This remarkable move by the meme coin places as an effort to offer users unprecedented scalability on the network, further empowering high-volume transactions and supporting complex applications seamlessly.
Whereas, in addition, the magazine also pointed out that the new L3 will use TREAT as its governance and utility token, a role similar to what BONE plays in Shibarium, Shiba Inu’s Layer-2 (L2). This further appears to have birthed a torrent of optimistic buzz for Shiba Inu despite its negative trading today.
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Shiba Inu Price Slips
As of writing, the Shiba Inu token’s price has fallen 8.32% in the past 24 hours and is currently trading at $0.00002505. This slump in price has stirred speculations among crypto market participants, as the token’s price action contrasts its recent developmental endeavors.
Notably, SHIB’s Q1 glimpsed remarkable gains not only for the ecosystem’s native token but also for its ecosystem companions, LEASH and BONE. This, coupled with bullish events such as the abovementioned developments and SHIB’s continued token-burning saga, suggests an optimistic scenario for SHIB in the long run.
Shiba Inu Tokens Mirror SHIB’s Bearish Trends
Meanwhile, the Shiba Inu ecosystem’s tokens, Bone Shibaswap (BONE), Doge Killer (LEASH), and TREAT, simultaneously noted a price plunge, contrasting the community’s phenomenal developments.
BONE’s price dropped 4.76% in the past 24 hours and is currently trading at $0.624. LEASH noted a fall of 5.95% over the past day and is currently standing at $403.83. Similarly, the newly introduced TREAT token jotted a dip of 14.25% and is currently resting at $0.001431. This mirrors Shiba Inu’s broader downtrend, with the slump in prices further nabbing significant attention.
Additionally, it’s worth noting that BONE’s open interest dipped 12.37%, accompanied by a 16.47% drop in derivatives volume. SHIB’s open interest, on the other hand, noted a 4.78% slip, although the token’s derivatives volume jumped 3.39%.
A heightened sense of trading activity amidst SHIB’s price plunge adds a further inferences on Shiba Inu’s future movements. Meanwhile, on-chain whale activity for the SHIB token has also spiked recently, building further speculations.
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